MISSOURI CITY, TEXAS — Partners Real Estate, the locally based investment and brokerage firm formerly known as NAI Partners, has negotiated a 56,970-square-foot industrial lease at 13615 S. Gessner Road in Missouri City, a southwestern suburb of Houston. According to LoopNet Inc., the property was built in 2014 and totals 123,300 square feet. Chris Caudill of Partners represented the tenant, 2020 Exhibits, a provider of products and services for tradeshow events, in the lease negotiations. Lexie Curry represented the landlord, EQT Exeter, on an internal basis.
HOUSTON — PackGene Biotech, a Massachusetts-based provider of gene therapy solutions, is underway on construction of a 25,000-square-foot life sciences project in South Houston. The site at 9310 Kirby St. will feature space for biomanufacturing, research and development, lab operations, warehousing and office usage. Perkins&Will is designing the facility and BE&K Building Group is serving as the general contractor. Completion is slated for the end of the year.
GUILDERLAND, N.Y. — United Group of Cos. will develop The Apex at Crossgates, a 222-unit multifamily project located northwest of Albany in Guilderland. The community will feature one-, two- and three-bedroom apartments, as well as townhouse-style residences. Units will be furnished with stainless steel appliances, quartz countertops, designer fixtures, walk-in closets and private patios/balconies. Amenities will include a fitness center with a yoga studio, game room with pool card tables, dog park, outdoor kitchens and multi-sport courts. Trinity Building + Construction Management Corp. is the general contractor for the project. M&T Bank provided financing for construction, which is expected to last about 24 months.
CAMBRIDGE, MASS. — Locally based investment and development firm The Davis Cos. has topped out a 161,616-square-foot life sciences facility at 101 Smith Place in Cambridge. The facility is one of four buildings within The Quad, a life sciences campus that is home to tenants such as Ginko Bioworks, Civetta Therapeutics, Invaio Sciences, Hyperion and Samsung Electronics. Davis Cos. is developing 101 Smith Place in partnership with Invesco Real Estate. Full completion is slated for the fourth quarter. CBRE will market the facility for lease.
BINGHAM FARMS, MICH. AND NEW YORK CITY — Newmark has arranged $240 million in joint venture financing on behalf of Bingham Farms-based Burton-Katzman and New York City-based DRA Advisors for the recapitalization of 24 light industrial properties in the Midwest. The portfolio totals more than 2.2 million square feet and is 99 percent leased. With over 40 tenants on the rent roll, no tenant occupies more than 15 percent of the portfolio’s total square footage. The venture will target value-add returns by acquiring industrial assets across the Midwest where rents are below market. Jordan Roeschlaub, Dustin Stolly and Eden Abraham of Newmark arranged the venture and financing, while Daniel Canvasser of Newmark provided regional support. Roeschlaub, Stolly and colleague Chris Kramer arranged a $150 million acquisition loan. Burton-Katzman is a fully integrated real estate company with an emphasis on the industrial market. DRA Advisors is an investment advisor specializing in real estate investment and management services for institutional and private investors.
WAUKEGAN, ILL. — Mid-America Real Estate Corp. has negotiated the sale of Waukegan Plaza in the Chicago suburb of Waukegan for an undisclosed price. The 211,190-square-foot retail center is 89 percent leased to tenants such as Ross Dress for Less, Burlington, dd’s Discounts, rue21, Shoe Carnival, Family Dollar, GameStop, Subway, USPS and Aaron’s Rental. Joe Girardi and Emily Gadomski of Mid-America represented the private seller. The asset sold to a West Coast-based 1031 exchange investor.
CHICAGO — Ashkenazy Acquisition Corp. (AAC) has purchased Gateway Centre in Chicago for an undisclosed price. The roughly 200,000-square-foot shopping center is located at 7507 N. Clark St. and is 93 percent leased to tenants such as Jewel-Osco, Marshalls and LA Fitness. George Good of CBRE represented the seller, Stockbridge. AAC was represented in-house in the transaction. AAC is a New York City-based private real estate investment firm focusing on retail, hotel and office assets located throughout the United States and Canada.
VERNON HILLS, ILL. — Colliers has brokered the sale of a 68,279-square-foot industrial warehouse in the Chicago suburb of Vernon Hills for an undisclosed price. Built in 1996 and located at 220 N. Fairway Drive, the property features eight interior loading docks, one drive-in door, six trailer parking stalls and 75 car parking stalls. There is also 7,390 square feet of office space. Ned Frank and Pat Hake of Colliers represented the undisclosed seller. Justin Lerner, Joe Karmin and Ross Lehrman of Transwestern represented the buyer, frozen pizza maker Roncadin.
GRANGER, IND. — Marcus & Millichap has arranged the $2.9 million sale of a 17,539-square-foot retail property in Granger, a city in northern Indiana. Dunkin’ is the anchor tenant. Mitchell Kiven of Marcus & Millichap represented the seller, Cloverleaf Real Estate Group, an investment fund headquartered in Northbrook, Ill. Kiven also secured and represented the buyer, a LaPorte, Ind.-based private investor. Dean Giannakopoulos and Frank Montalto of Marcus & Millichap Capital Corp. arranged acquisition financing on behalf of the buyer. The asset sold at full asking price.
LEXINGTON, N.C. — Siemens Mobility, a manufacturer of passenger trains and a subsidiary of Siemens AG, plans to invest $220 million for a new manufacturing and rail service facility in Lexington, a city in North Carolina’s Triad region. The investment is expected to create 500 new jobs. At the facility, Siemens Mobility expects to produce passenger trains for the North American market. The passenger coach manufacturing factory, as well as Siemens Mobility’s locomotive and passenger coach overhauls facility, will be situated on a 200-acre site that allows for future expansion. When it starts operations in 2024, the plant will incorporate tech found in the firm’s sister facility in Sacramento, including robotic welding, 3D printing and Virtual Reality welder training. Siemens Mobility cites the Bipartisan Infrastructure Law as being a critical legislation for bringing federal funding for the project. Additionally, Siemens Mobility will be receiving a Job Development Investment Grant from the State of North Carolina. Siemens AG has invested more than $40 billion in its U.S. operations in the past two decades. The company staffs 45,000 employees in the United States and operates 21 manufacturing facilities that service more than 100 cites and 90 percent of Fortune 500 industrial companies.